Three foreign banks looking to open in Saudi Arabia, says SAMA

Three foreign banks have sought permission to start operations in Saudi Arabia, of which one has been approved and the remaining two requests are under study, Ahmed Alkholifey, governor of Saudi Arabian Monetary Authority (SAMA) said.

He told CNBC Arabia at the opening the first branch of Qatar National Bank (QNB) in Riyadh that allowing foreign banks to set up offices in the Kingdom comes as part of SAMA’s diversification strategy.

He added that the country’s banking sector was well-positioned in terms of liquidity, profitability and quality of assets.

Meanwhile, Ahmed Al-Kuwari, chief executive officer at QNB, said the move was part of the group’s larger strategic plan to be present in all markets “that have a strong and resilient economy.”

 Al-Kuwari said the bank will provide a comprehensive suite of banking products and services to individuals, businesses, and government departments.